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Senate gives NNPCL auditors one week to explain N210tr unreconciled figures

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Senate Public Accounts Committee has issued a one-week ultimatum to external auditors of the Nigerian National Petroleum Company Limited (NNPCL) to account for more than N210 trillion in unreconciled figures contained in the company’s audited financial statements.

It said that auditors, who certified the accounts, could not evade responsibility for defending them.

The committee, chaired by Ibrahim Dankwambo, handed down the directive yesterday after a tense hearing during which lawmakers rejected repeated attempts by the auditors to refer questions back to the NNPCL, insisting that the figures they signed off on must be fully explained.

At the heart of the controversy are N107 trillion recorded as receivables and N103 trillion listed as payables in the company’s audited accounts.

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The lawmakers said the figures remain unexplained because neither the NNPCL nor its auditors had produced schedules identifying the transactions, counterparties or calculations behind them.

The auditors, however, informed the committee that the supporting schedules formed part of their working papers and requested about two weeks to retrieve the documents.

The request was firmly rejected.

Dankwambo questioned why auditors, who had certified the accounts, could not immediately produce documents supporting the figures.

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“When you have figures in audited financial statements, there must be schedules showing exactly how those figures were derived. If those schedules already exist in your working papers, why do you need additional time before presenting them to this committee?” he queried.

But the audit firm said that the NNPCL remained its client and that detailed explanations should ordinarily come from the company, recalling that during an earlier hearing, lawmakers had agreed that NNPCL officials would explain the figures.

That position drew sharp criticism from the committee.

The committee said that NNPCL, being wholly owned by the Federal Government on behalf of Nigerians, could not invoke commercial secrecy to shield information from the Parliament.

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“NNPCL belongs to the Nigerian people, not to private shareholders. Parliament has every constitutional right to examine its accounts, and no confidentiality agreement can override that responsibility,” a lawmaker said.

The auditors were thereafter discharged and directed to reappear before the committee within one week with the requested documentation.

RELATEDLY, the House of Representatives Committee on Finance has demanded a comprehensive breakdown of the estimated N34 trillion worth of import duty waivers granted in 2025,

It, however, directed the Nigeria Customs Service (NCS) to disclose the beneficiaries, legal basis and objectives of the concessions as part of efforts to ensure transparency and accountability in the implementation of the Federal Government’s fiscal incentives.

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The committee also faulted the NCS over what it described as inconsistencies in its revenue reporting, insisting that the agency must explain how it generated collections above its approved revenue targets and reconcile apparent disparities in its monthly financial records.

Chairman of the committee, James Abiodun Faleke, gave the directive when the management of the NCS appeared before the panel as part of the National Assembly’s ongoing revenue monitoring and oversight exercise.

Faleke said the committee was not opposed to the government’s waiver policy, noting that such incentives remained legitimate tools for stimulating economic growth and supporting key sectors.

He, however, maintained that lawmakers had a constitutional duty to ensure that the concessions were granted transparently and achieved their intended objectives.

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According to him, the committee wants to know who benefited from the waivers, the legal authority under which they were approved and whether they translated into measurable gains for the economy.

The committee equally queried the NCS over its revenue presentation, saying that while the agency had consistently exceeded its yearly targets, the documents submitted to lawmakers did not clearly explain the sources of the additional revenue.
Faleke said proper financial accountability required the NCS to provide a detailed month-by-month analysis showing why revenue collections fluctuated and how the excess earnings were realised.

Deputy Chairman of the committee, Saidu Mohammed Abdullahi, said the Federal Government should consider raising the revenue targets assigned to the NCS, saying that its consistent over-performance showed the agency possessed greater revenue-generating capacity than currently projected.

Responding on behalf of the Comptroller-General of Customs, Bashir Adeniyi, the Deputy Comptroller-General in charge of Finance, Administration and Technical Services, Kikelomo Adeola, clarified that the NCS does not approve import duty waivers.

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She said that approvals are granted by the Federal Ministry of Finance in accordance with existing laws and government policy, while the Customs merely implements the approvals.

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Jonathan warns political parties, judiciary against undermining Africa’s democracy

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Ex-President Goodluck Jonathan has charged political parties and the judiciary across Africa to strengthen democratic institutions and protect the will of the people, warning that democracy could become a mere facade if its foundational principles are weakened.

Jonathan, Chairman of the Goodluck Jonathan Foundation (GJF), gave the charge on Tuesday at the closing of the 2026 GJF Democracy Dialogue in Bauchi, with the theme, “Beyond Elections: Can Political Parties and the Judiciary Save Africa’s Democracy?

He said political parties must become genuine democratic institutions by embracing internal democracy, producing credible leaders, respecting their own rules and putting national interest above
partisan interests.

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“Strong democracies cannot emerge from weak political parties,” Jonathan said, calling for stronger frameworks across Africa to regulate political parties and enhance democratic integrity.

He cited Kenya’s model of having a dedicated institution to regulate political activities alongside the electoral management body, saying other African countries could adopt similar arrangements to strengthen political accountability.

The former president also placed a heavy responsibility on the judiciary, saying it carried “an equally or more profound responsibility” in protecting democracy.

He urged judicial officers handling political cases to be guided by the principles represented by Lady Justice; impartiality, fairness and the rule of law.

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Jonathan expressed concern that in some African countries, electoral contests were increasingly being settled in courtrooms rather than at the ballot box.

While acknowledging the judiciary’s constitutional responsibility to resolve electoral disputes, he said democracy was healthiest when the freely expressed will of the people was clear, respected and accepted by all.

“The courtroom should not become the arena where political mandates are routinely determined,” he warned.

According to a statement by Jonathan’s Special Assistant on Media, Ikechukwu Eze, the former President said a functional democracy must rest on eight cardinal pillars: sovereignty of the people, rule of law, separation of powers, protection of fundamental rights and freedoms, accountability and
transparency, free and credible elections, political pluralism, and an active civil society.

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He cautioned that although no country could score perfectly on all the pillars, substantial compliance with most of them was necessary for democracy to remain stable and sustainable.

“When several of these foundations of democracy are weakened, what emerges is not genuine democracy but a pseudo-democracy; one that retains democratic forms while steadily losing democratic substance,” he said.

Jonathan urged African leaders to consciously build their political parties, legislatures, executives and judiciaries around these democratic principles.

“History will judge our democracies not by the number of elections we conduct, but by the strength of the institutions we build and the fidelity with which we uphold these democratic pillars,” he said.

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He called on African countries to move away from the cycle of political instability and electoral crises and build strong institutions capable of promoting peace, development and shared

prosperity.

Jonathan thanked the Bauchi State Government and Governor Bala Mohammed for supporting the dialogue, as well as former Nigerian President Olusegun Obasanjo, and other participants for attending the event.

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Just in: Police summon Osun Senator over alleged violence threat against Accord members

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The Osun State Police Command has summoned Senator Francis Fadahunsi, representing Osun East Senatorial District, over comments attributed to him in a viral video concerning members of the Accord Party.

The invitation followed public outrage over the video, in which Fadahunsi, speaking in Yoruba during an All Progressives Congress (APC) campaign event in Ilesa, was allegedly heard making remarks interpreted as a threat against Accord supporters.

In a letter dated August 11, 2026, the police directed the senator to appear before the State Criminal Investigation Department in Osogbo at 11am on Wednesday, August 12, to clarify the circumstances surrounding the remarks.

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The letter, signed by Samuel Etaifo Erale, commissioner of police in charge of elections in Osun State, said the invitation was based on allegations that Fadahunsi made statements considered threatening, inciting and intimidating.

The invitation is premised on information in possession of the Nigeria Police alleging that during your address at the aforementioned programme, you made statements considered to be threatening, inciting and intimidating in nature, and the statement has already been in circulation on various electronic and social media platforms,” the letter stated.

The controversy erupted after a video surfaced in which Fadahunsi was reportedly heard telling APC supporters to “kill” Accord members. The remarks drew widespread condemnation as the state prepares for Saturday’s governorship election.

Fadahunsi later denied calling for violence, saying his remarks had been taken out of context. His media team explained that he was urging voters to defeat the Accord Party through their votes, describing the statement as political and metaphorical.

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The controversy comes amid political tension in Osun, with incumbent Governor Ademola Adeleke seeking re-election on the Accord platform and APC candidate Bola Oyebamiji among the major contenders in the August 15 poll.

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Ebonyi State Assembly passes Bill regulating house rent, agent fees

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​The Ebonyi State House of Assembly has passed a landmark executive bill aimed at regulating the trade of metal and electrical scraps, standardising residential rent, and capping property agency fees across the state.

Presided over by the Speaker, Moses Odunwa, during Tuesday’s plenary at the Assembly Complex on Nkaliki Road, the law, cited as the Ebonyi State Sale of Scraps, House Rent, and Agent Fees Regulation Law 2026, came into effect immediately upon passage on August 11, 2026.

The legislation establishes strict regulatory frameworks to curb public property vandalism, checkmate environmental degradation, and eliminate exploitative practices within Ebonyi’s real estate market.

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Some provisions of the law state that unlicensed buying, selling, possession, transportation, or disposal of metal and electrical scraps is now strictly prohibited. Violators face up to two years’ imprisonment, a fine not exceeding ₦500,000, or both.

It states that standard rent tariffs prescribed by Governor Francis Nwifuru will govern applicable housing categories; landlords are legally barred from demanding rates exceeding the prescribed caps. Furthermore, landlords who obtain possession orders through fraud, misrepresentation, or concealment of facts face up to two years’ imprisonment.

The legislation indicated that agency fees for real estate transactions are now capped at a maximum of 2% of the gross transaction value for both professional and non-professional agents.

To enforce transparency and accountability, all estate agents operating within the capital city must register with the Ministry of the Capital City.

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Presenting the merits of the executive bill, Leader of the House Kingsley Ikoro urged his colleagues to give the measure swift passage, emphasising its role in safeguarding public infrastructure and protecting vulnerable tenants.

Echoing these sentiments, several lawmakers voiced strong support during deliberations: Victor Nwoke (Abakaliki North), Nwodo Nwodo (Ebonyi North West), Oluchukwu Ukie Ezeali (Afikpo East), Friday Ogbuewu (Ezza South), Celestine Ogba (Onicha East)

The lawmakers described the legislation as a timely intervention against the surge in municipal scrap theft and arbitrary rent hikes by speculative landlords.

Speaking shortly after the bill passed its third reading following a clause-by-clause consideration in the Committee of the Whole, Speaker Moses Odunwa remarked, “Scrap dealers have shown a brazen lack of restraint, causing widespread havoc to critical public infrastructure and private property. This law restores sanity to our property market and prioritises overall public safety.”

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In other legislative business, the House considered and formally adopted the Auditor-General’s Report on the Consolidated Financial Statements of the Ebonyi State Government for the fiscal year ended December 31, 2025, confirming its alignment with standard accounting principles.

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